Shiba Inu whales make big moves, pushing SHIB price higher
- Shiba Inu whale transactions increased 85% overnight, indicating a spike in large volume transactions.
- As the broader crypto market recovered from the consolidation that followed the US CPI announcement, the Shiba Inu price started an uptrend.
- Analysts believe Shiba Inu’s trend could reverse, wiping out recent gains.
Shiba Inu recovered from the recent dip with a spike in whale activity. Large wallet transactions, $100,000 and higher, are associated with buying/ selling by whales and are typically indicative of volatility.
Shiba Inu whales are on the move
Shiba Inu whales increased their activity, and transactions worth $100,000 increased 85% over the past day. Typically, large transaction spikes are associated with asset price volatility. Based on data from IntoTheBlock, large transactions increased on the Shiba Inu network.
Whales are either buying or selling, and Shiba Inu price is at a make or break point. The meme coin started its recovery, posting 7.68% gains, alongside Bitcoin and Ethereum.
Based on data from WhaleStats, a crypto intelligence platform that analyzes the top 100 Shiba Inu holder wallets, there was a 33% increase in active addresses. Whale trading volume increased 28.41%, with a 50% spike in netflow. Shiba Inu enjoys a favored position in the top 100 cryptocurrencies held by Ethereum whales.
The Dogecoin-killer hit a new holder milestone, representing an all-time high. 1,201,904 addresses now hold Shiba Inu after the meme coin reclaimed $0.000010.
Shiba Inu price trend could reverse soon
Analysts at FXStreet have evaluated the Shiba Inu price trend and noted that the meme coin sits comfortably above support at $0.0000095. The meme coin has the support of the 200-day EMA. The Fair Value Gap from $0.0000083 to $0.0000093 is crucial for Shiba Inu price. Analysts believe Shiba Inu price could rally despite its vulnerability. For price targets, check this video:
The price inefficiency could hinder the Shiba Inu price rally. However, analysts believe Shiba Inu price could validate the bullish thesis by breaking past $0.0000139.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
